- The United States Department of Justice has launched an investigation into whether poultry companies engaged in anti-competitive sharing of employment practices, The Wall Street Journal reported.
- The move adds to the scrutiny U.S. meat processors face from the government and their workers for keeping wages down.
- The report noted that the ministry had put at least some companies on legal notice to keep the documents.
- Pilgrim’s Pride Corp (NASDAQ: PPC) recently disclosed in a regulatory filing that it learned on February 9, 2022 that the DOJ had initiated a civil investigation into human resources antitrust matters. The company plans to cooperate when a CID is served.
- Other major companies in the sector include Tyson Foods Inc (NYSE:TSN) and Sanderson Farms Inc (NASDAQ: SAFM).
- The Biden administration has alleged that the US meat industry is using its scale to inflate Americans’ food bills.
- Price action: PPC shares are trading down 4.66% at $23.13, TSN down 1.49% at $93.92 and SAFM down 0.92% at $177.50 when last checked on Friday .
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